Laboratory Informatics Market To Generate Revenue worth $9,176.6 Million by 2030
- Published: February 2024
The global laboratory informatics market is projected to generate USD 9,176.6 million revenue by 2030, advancing at a CAGR of 11.4% during 2024–2030. The growing need for the digitization of laboratory procedures, surging number of biobanks/biorepositories, and rising R&D investments in the biotech and pharma industries are driving the market growth. Additionally, players in the market have a wealth of potential opportunities due to the increasing usage of cloud-based informatics solutions.
Due to the accompanying advantages, laboratory information systems are becoming increasingly common in biobanks, university research centers, and contract research organizations (CROs). These systems provide advantages such as process optimization, enhanced regulatory compliance, protection of intellectual property rights, and faster throughput. Such paperless information management also reduces labor costs and offer improved data quality through the elimination of errors and faster and more-efficient data analytics.
Life Sciences Industry Is Expected To Hold Larger Share
On the basis of industry, the life sciences category accounted for the larger market share of 60%, in 2023, and it will maintain its dominance in the future. This industry comprises pharmaceutical & biotechnology companies, biobanks & biorepositories, molecular diagnostic & clinical research laboratories, contract research organizations (CROs), and academic research institutes.
The need for laboratory informatics is growing among all these entities due to their incessant efforts to create novel products with enhanced quality and boost their overall operational efficiency. Moreover, digital and virtual laboratories are becoming increasingly necessary to meet these demands. Laboratory informatics systems aid these users in efficient data management and research and discovery silo dismantling.
Moreover, the rising pace of technological advancements in the healthcare sector owing to the increasing R&D in various aspects of medicine is predicted to fuel the demand for LIMS. Its rapid incorporation into the workflows of hospital and research labs for patient engagement, billing, health information tracking, workflow management, and quality assurance is expected to propel the category’s growth.
The CROs category is expected to witness rapid growth during the forecast period too due to the growing trend of LIMS outsourcing. Moreover, outsourcing firms are increasingly using strategies to reduce healthcare expenses. Additionally, LIMS is used in forensic science, the mining and metals sector, and pharma laboratories. The growing desire to reduce operational expenses and the advantages of LIMS are the key factors expected to contribute to the growth of this market.
In APAC, the market for laboratory informatics solutions is expected to advance considerably in the coming years owing to the rising count of CROs offering LIMS services in the region. Major players across industries are outsourcing LIMS operations to cut the procurement and operational expenses on support systems and increase their overall productivity and efficiency.
Moreover, developing nations, including China and India, are becoming major outsourcing hubs for North American and European companies across industries. Further, the high frequency of infectious and cardiovascular disorders in India has significantly contributed to the rise of e-clinical services. India has the necessary infrastructure for carrying out clinical trials, offering accessible patient care, and conducting evidence-based management.
Some of the major market players are LabVantage Solutions Inc., Thermo Fisher Scientific Inc., STARLIMS Corporation, PerkinElmer Inc., LABWORKS LLC, Autoscribe Informatics, Dassault Systèmes SE, Agilent Technologies Inc., Cerner Corporation, and McKesson Corporation.